Property price update: August 2022
Property prices are up by 10.3% year-on-year in Cardiff. The average asking property price is £295,960, with it taking 27 days on average to find a buyer. In Wales, the average is £261,117 with a monthly change of 2.1% with an average of 32 days to sell.
Prices of property coming to the market have fallen for the first time this year, down 1.3% to £365,173 which is -£4,795.
- Summer holidays play a part as new sellers price more competitively to secure a buyer quickly to try and complete a home-move before Christmas
- Conveyancing – length of conveyancing is around 6 months, so sellers will price more competitively to speed the process up
Our Senior Sales Valuer, Levi St John comments,
“After the craze of last year, with everyone rushing to take advantage of the Stamp Duty cuts, the residential scene seems to be becoming more relaxed. There is still a strong demand for people wanting to purchase properties, people will always have their reasons for wanting or needing to move, but quality, fresh stock appears to be slowing down. No one has a crystal ball, but with the well publicised Cost of Living crisis, it will be interesting to see how things pan out in 2023. This could be a great time to list your property as there will be less competition.”
Demand continues to slow and supply seems to be improving but this is still a huge issue, available stock is down 23% on 2019
- Cost of living, people are staying in properties for longer to retain a cheaper rent or due to knowing the household budget, plus the cost of home-moving.
- Lack of supply, causes home-movers to stay in properties if they give notice, they know they may not find another property due to current market conditions.
The average asking rate for a property price is currently £1,126PCM, which is a quarterly change of 3.5% and an annual change of £11.8%. The current average rent in Wales is £926PCM.
With 1 in 3 property sales falling through in the UK, we are proud that on average, 90% of our sales agreed to follow through to completion. Looking to sell? Get in touch.